Some owners prefer to buy shares9 in mines abounding in metals,
rather than to be troubled themselves to search for the veins ; these men
employ an easier and less uncertain method of increasing their property.
Although their hopes in the shares of one or another mine may be frustrated,
the buyers of shares should not abandon the rest of the mines, for all the
money expended will be recovered with interest from some other mine.
They should not buy only high priced shares in those mines producing metals,
nor should they buy too many in neighbouring mines where metal has not
yet been found, lest, should fortune not respond, they may be exhausted by
their losses and have nothing with which they may meet their expenses
or buy other shares which may replace their losses. This calamity overtakes those Who wish to grow suddenly rich from mines, and instead, they
become very much poorer than before. So then, in the buying of shares,
as in other matters, there should be a certain limit of expenditure which
miners should set themselves, lest blinded by the desire for excessive wealth,
they throw all their money away. Moreover, a prudent owner, before he
buys shares, ought to go to the mine and carefully examine the nature of the
vein, for it is very important that he should be on his guard lest fraudulent
sellers of shares should deceive him. Investors in shares may perhaps
become less wealthy, but they are more certain of some gain than those who
mine for metals at their own expense, as they are more cautious in trusting
to fortune. Neither ought miners to be altogether distrustful of fortune, as
we see some are, who as soon as the shares of any mine begin to go up in
winzes, as the case might require. If the ore was mainly overhead it was overhand-stoped,
and the stopes filled as work progressed, inclined winzes being occasionally driven from the
stopes to the original entry drives. If the ore was mainly below, it was underhand-stoped,
pillars being left if necessary—such pillars in some cases being thirty feet high. They also
employed timber and artificial pillars. The mines were practically dry. There is little
evidence of breaking by fire. The ore was hand-sorted underground and carried out by the
slaves, and in some cases apparently the windlass was used. It was treated by grinding in
mills and concentrating upon a sort of buddle. These concentrates—mostly galena—were
smelted in low furnaces and the lead was subsequently cupelled. Further details of
metallurgical methods will be found in Notes on p. 391 and p. 465, on metallurgical subjects.
The mines were worked by slaves. Even the overseers were at times apparently
slaves, for we find (Xenophon, Memorabilia, n., 5) that Nicias paid a whole talent for a good
overseer. A talent would be about 837 Troy ounces .of silver. As wages of skilled labour
were about two and one half pennyweights of silver per diem, ' and a family income of 100
ounces of silver per annum was affluence, the ratio of purchasing power of Attic coinage to
modern would be about 100 to 1. Therefore this mine manager was worth in modern value
roughly £8,000. The mines were the property of the State. The areas were defined by
vertical boundaries, and were let on lease for definite periods for a fixed annual rent.
More ample discussion of the law will be found on p. 83.
'Xenophon. (Essay on The Revenues, IV., 30). " I think, however, that I am
" able to give some advice with regard to this difficulty also (the risk of opening new mines),
" and to show how new operations may be conducted with the greatest safety. There are ten
" tribes at Athens, and if to each of these the State should assign an equal number of slaves,
; " and the tribes should all make new cuttings, sharing their fortunes in common, then if but
'"one tribe should make any useful discovery it would point out something profitable to the
" whole ; but if two, three, or four, or half the number should make some discovery, it is
' plain that the works would be more profitable in proportion, and that they should ail fail
"is contrary to all experience in past times." (Watson's Trans, p. 258).
* 'Agricola here refers to the proposal of Xenophon for the State to collect slaves and
hire them to work the mines of Laurion. There is no evidence that this recommendation was
ever carried out.
'Partes. Agricola, p. 89-91, describes in detail the organization and management of
these share companies. See Note 8, p. 90.
